Sources say Queensland relocatable home developer Walter Elliott Holdings has paid close to $7 million for 12 hectares of residential zoned land in the burgeoning new suburb.
The Westmeadows Lane development site, which is believed to have sold with a permit for houses, will be Walter Elliott’s second foray into the Victorian residential market. The group developed a relocatable park in the outer south-eastern suburb of Dandenong more than 10 years ago, sources say.
Project Acquisitions Corporation director Nick Kerr is believed to have sold the property for Becton. He declined to comment when contacted by Capital Gain. Representatives from Becton and Walter Elliott Holdings were unavailable.
Walter Elliott’s purchase comes four months after Queensland-based developer Source Property Group confirmed it bought the Tip Top Bakery site in Brunswick, for a price speculated to be about $10 million.
Source is planning a residential conversion for that site, once owned by property spruiker Henry Kaye.